Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Investment Rating - The industry rating is maintained as "Outperform the Market" [7] Core Insights - The global semiconductor industry is experiencing structural prosperity driven by rapid growth in AI computing demand, accelerated terminal intelligence, recovery in automotive electronics, and deepening domestic substitution [2][5] - In Q2 2025, the semiconductor sector achieved revenue of 133.66 billion RMB and a net profit of 10.63 billion RMB, indicating a clear trend of profit recovery [2][32] - The electronic sector remains the top heavy allocation industry with a configuration ratio of 18.67%, while the semiconductor sub-sector leads with a holding ratio of 10.47% [2][19] Summary by Sections 1. Q2 2025 Semiconductor Performance Summary - The semiconductor industry saw significant growth across most sub-sectors, with integrated circuit manufacturing, packaging and testing, and chip design performing particularly well [3][15] - Major players like SMIC and Hua Hong Semiconductor reported revenue growth of 23.1% and 19.1% respectively, with capacity utilization exceeding 90% [3][15] - The advanced packaging demand is increasing, with leading companies like Longji Technology and Tongfu Microelectronics showing revenue growth of 20.1% and 17.67% respectively [3][15] 2. IC Design Sector - The SoC sector is leading with significant growth, driven by AIoT and new product launches from major companies [4][16] - Companies like Rockchip and Hengxuan Technology reported net profit growth of 191% and 106.45% respectively [4][16] - The ASIC segment, represented by companies like Cambricon, saw a staggering revenue increase of 4347.82% year-on-year [4][16] 3. Storage and Power Semiconductors - The storage sector is entering an upward price cycle, with companies like Jiangbolong and Baiwei Storage reporting significant revenue increases [4][16] - The power semiconductor sector is recovering, driven by demand from electric vehicles and industrial applications, with companies like Wentai Technology and Silan Microelectronics showing substantial profit growth [4][16] 4. Equipment and Materials - The equipment and materials sector is optimistic, with companies like North Huachuang reporting a revenue increase of 29.51% in H1 2025 [3][15] - The domestic substitution trend is accelerating, with a positive outlook for orders in the equipment materials sub-sector [3][15] 5. Market Outlook - The semiconductor industry is expected to maintain an optimistic growth trajectory in 2025, driven by AI and domestic substitution [5][17] - The report suggests focusing on storage, power, foundry, ASIC, and SoC sectors for performance elasticity, as well as the domestic substitution of equipment materials and computing chips [5][17]

Group 1 - The core viewpoint of the article highlights significant stock price increases for several technology companies, indicating a positive market sentiment in the semiconductor sector [1] Group 2 - Yuanjie Technology and Liyang Chip both reached a 20% limit up in stock price [1] - Huahong Company saw an increase of over 16% in its stock price [1] - Other companies such as Guoxin Technology, Dongwei Semiconductor, Canxin Technology, and Zhaoyi Innovation also experienced notable stock price rises [1]

Group 1 - The semiconductor sector has seen a significant rise, with companies such as Source Technology and Liyang Chip hitting the daily limit of a 20% increase [1] - Huahong Company experienced a surge of over 14% in its stock price [1] - Other companies including Guoxin Technology, Dongwei Semiconductor, Canxin Technology, and Zhaoyi Innovation also showed upward trends in their stock prices [1]

Market Performance - The A-share market showed strong performance in August, with the Shanghai Composite Index surpassing 3800 points and achieving a monthly increase of 7.97% [1] - The Shenzhen Component Index rose by 15.32%, while the ChiNext Index led the market with a remarkable increase of 24.13% [1] Investment Recommendations - Multiple brokerages released monthly investment portfolio suggestions covering various sectors such as consumption, technology, and finance [1] - ZTE Corporation received unanimous recommendations from three brokerages, highlighting its strong performance [1] - Other favored stocks include Kingsoft Office, New Yisheng, Jingchen Technology, and Leisai Intelligent, each receiving recommendations from two brokerages [1][2] Sector Focus - Brokerages believe the A-share market is likely to continue its upward trend, focusing on technology, cyclical sectors, and "anti-involution" manufacturing [4] - Shenwan Hongyuan noted a bullish market atmosphere with limited correction, suggesting investors pay attention to breakthroughs in the domestic technology chain and trends in advanced manufacturing [4] - Zhongyuan Securities observed a market style favoring small-cap stocks and growth over value, anticipating increased risk appetite due to a higher probability of interest rate cuts by the Federal Reserve [4] Specific Stock Highlights - New Yisheng achieved an impressive increase of over 88% in August, with its latest closing price reaching 356.2 yuan, boosting investor confidence [3] - Other stocks recommended multiple times include ZTE Corporation, Kingsoft Office, and Jingchen Technology, indicating strong market interest [2][3]

| 回购方案首次披露日 | 2025/4/11，由董事长暨实控人提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 10 4 | 4 | 日~2026 | 年 | 日 9 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 79.5289万股 | | | | | | 累计已回购股数占总股本比例 | 0.1889% | | | | | | 累计已回购金额 | 5,495.18万元 | | | | | | 实际回购价格区间 | 65.82元/股~70.50元/股 | | | | | 一、回购股份的基本情况 晶晨半导体(上海)股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召 开第三届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》 ...

Group 1 - The A-share market is expected to continue its upward trend, with a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][6] - In August, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged by 24.13% [1] - Multiple brokerages have released their investment portfolios for September, covering various sectors including consumption, technology, and finance [1] Group 2 - The most frequently recommended stocks include ZTE Corporation, which received recommendations from three brokerages, while Kingsoft Office, New Yisheng, Crystal Morning, and Race Intelligent received two recommendations each [4] - ZTE Corporation's stock price increased by 32.52% in August, closing at 45.44 yuan, with a market capitalization of 207.15 billion yuan [5] - New Yisheng had the highest increase in August, with a rise of over 88%, closing at 356.2 yuan [4][5] Group 3 - Brokerages suggest focusing on technology and advanced manufacturing as key growth areas, with high-tech manufacturing maintaining strong profitability [7] - The "anti-involution" policy is expected to promote high-quality industrial development, with a focus on sectors like electric equipment and basic chemicals [8] - Domestic demand policies are anticipated to create opportunities in industries such as machinery, home appliances, automobiles, and consumer electronics [8]

Group 1 - The report highlights a shift in the macro narrative affecting the A-share market, driven by internal policies aimed at demand stimulation and external factors such as a weakening dollar [5][6]. - The report identifies a rotation in investment focus from TMT and manufacturing sectors to other areas, suggesting a potential shift in market dynamics [5][6]. - The report emphasizes the importance of high-low switching strategies in the technology sector, recommending stocks like Kunlun Wanwei, Leisai Intelligent, and Jingchen Co. for investment [5][10][14]. Group 2 - Kunlun Wanwei is focusing on AI business development, with significant advancements in AI chip research and application, leading to a positive outlook for its commercialization potential [10][11]. - Leisai Intelligent is expanding its market share in the automation sector, leveraging its strong product matrix and partnerships to capture growth opportunities [14][15]. - Jingchen Co. is experiencing robust growth in its AIoT and WiFi chip segments, with significant sales increases and a strong customer base [19][20]. Group 3 - Conch Cement is positioned to benefit from supply-side reforms and industry policy improvements, which are expected to enhance profitability and market conditions [24][25]. - Luzhou Laojiao is implementing proactive marketing strategies to adapt to market cycles, aiming to capture demand in emerging consumer segments [30][31]. - Jerry Holdings is poised for recovery as it capitalizes on the resurgence of high-end liquor demand and maintains a strong digital marketing framework [34][35]. Group 4 - New Hope Liuhe is leveraging its integrated supply chain advantages in the fine chemical sector, focusing on vitamin and amino acid production to enhance competitiveness [39][40]. - Xinhecheng is expected to benefit from rising prices in the vitamin market and increased demand for its amino acid products, supported by its strong production capabilities [39][41]. - Newnovel is projected to see significant revenue growth driven by its innovative drug pipeline, particularly in the oncology sector [43][44]. Group 5 - The report anticipates that the financial technology sector, represented by companies like Zhinan Zhen, will continue to grow as it transitions into comprehensive financial service providers [48][49]. - Zhinan Zhen's strategic acquisitions and capital operations are expected to enhance its market position and profitability in the coming years [48][50].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 8 日（星期一）下午 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 1 日（星期一）至 9 月 5 日（星期五）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@amlogic.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 证券代码：688099 证券简称：晶晨股份 公告编号：2025-053 晶晨半导体（上海）股份有限公司 关于参加 2025 年半年度科创板芯片设计行业 集体业绩说明会的公告 晶晨半导体（上海）股份有限公司（以下简称"公司"）已于 2025 年 8 月 13 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 ...

Group 1: Stock Performance - Fudan Microelectronics, Cambricon, and Amlogic showed the best performance with daily increases of 5.7%, 5.31%, and 4.45% respectively [1] - Lattice Semiconductor, Hehe Information, and Newpoint Software had weaker performances with daily declines of 0.84%, 0.18%, and 0.1% respectively [1] - The Huabao Sci-Tech AI ETF (589520) passively tracks the Sci-Tech AI Index (950180), which saw a daily increase of 2.76% [1] Group 2: Industry Developments - On August 25, 2025, a trillion-yuan industrial mother fund launched 26 sub-funds focusing on supporting the development of integrated circuits [2] - On August 26, new companies in the integrated circuit sector were established by New Unisplendour Group, Sinda Semiconductor, and Cambricon to promote collaborative innovation in the industry chain [2] - On August 27, SK Hynix announced the mass production of the world's first 321-layer QLC NAND flash memory, marking a breakthrough in storage technology [2] Group 3: Semiconductor Industry Trends - The semiconductor industry is experiencing growth driven by new technologies in automotive electronics, renewable energy, IoT, big data, and AI [2] - The push for domestic production is increasing due to US-China trade tensions, highlighting the importance of supply chain security and self-sufficiency in semiconductor manufacturing [2] - The domestic wafer manufacturing and supporting industries are accelerating their development, with expectations for significant breakthroughs in domestic chip supply [2] Group 4: ETF Insights - The Huabao Sci-Tech AI ETF (589520) saw a price increase of over 3.9% on August 28, with a trading volume exceeding 100 million yuan and a total fund size of 594 million yuan [3] - The ETF is characterized by high elasticity, with a 20% fluctuation limit and a strong offensive nature, as nearly 70% of its top ten holdings are in the semiconductor sector [5] - The ETF's holdings are positioned to benefit from the acceleration of AI integration in edge computing and software [5]